Charting The Market

By

Jennifer Ablan

May 26, 2003 12:01 a.m. ET

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Altria Shares in Altria, the parent of Philip Morris, soared after a landmark $145 billion judgment against major tobacco companies was tossed out and decertified by a Florida appeals court on Wednesday.

ICN Pharmaceuticals Shares of ICN jumped after Bear Stearns initiated coverage of the drug maker with an Outperform rating, saying its new senior management team was "already making a significant impact on the business."

Tularik The experimental-drug firm's shares soared after Amgen, the world's biggest biotechnology company, said it had agreed to acquire more than 20% of Tularik as part of a collaboration to develop new cancer drugs.

National Semiconductor National Semiconductor fell after the Silicon Valley chip maker said it would cut about 340 jobs as a result of the closing of a cellphone component unit under a previously announced cost-cutting effort.

Home Depot Home Depot, the world's largest home-improvement retailer, reported quarterly profits that beat Wall Street's estimate by two cents a share. It also posted same-store sales that exceeded forecasts.

Synopsys Synopsys, which makes software to design semiconductors, posted slightly higher net profit for the second quarter. The announcement pushed up shares of the Mountain View, Calif., company.

Claire's Stores Shares in Claire's climbed after the Pembroke Pines, Fla.-based retailer of costume jewelry and accessories said first-quarter earnings had topped analysts' consensus estimate of 26 cents a share.

Williams-Sonoma Shares in the upscale U.S. housewares retailer advanced on first-quarter earnings that topped Wall Street's expectations by three cents a share.

Ciena The stock slid after Ciena trimmed its fiscal second-quarter loss, but said that revenue had declined 16%, amid continued weakness in spending for telecom equipment.

Elizabeth Arden Cosmetics maker Elizabeth Arden warned that its first-quarter results would be weaker than forecast, owing to the Iraq conflict, SARS and depressed air travel.

Toys "R" Us The No. 2 U.S. toy seller's stock slid after it said that its quarterly loss had widened on weak videogame sales, costs related to job cuts and the closing of several children's clothing stores.

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Charting The Market

Altria Shares in Altria, the parent of Philip Morris, soared after a landmark $145 billion judgment against major tobacco companies was tossed out and decertified by a Florida appeals court on Wednesday.

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